Voidable contract - Study guides, Class notes & Summaries

LAW OF CONTRACT NOTES: Contract as an agreement intended to create enforceable obligations A contract is an agreement between two or more parties. The extra ingredient that distinguishes contracts from non-binding agreements is a serious intention to create legally enforceable obligations (animus contrahendi). The absence of an animus contrahendi explains why ‘gentlemen’s agreements’ are not enforceable as contracts. Legally binding agreements that are not contracts: The ...

CE Shop Final Exam Course 2 Questions With Complete Solutions(Guaranteed Success) What is the maximum amount of time a protection or override clause can be in effect? - correct answer...Six Months Appraiser John is determining how a property is being used to determine a more optimal function. What is he determining? - correct answer...Highest and Best Use Which of the following statements is true about the listing presentation? It's best to leave out financial data (such as a CMA or c...

1. A bilateral contract is one in which a. only one of the parties is obligated to act. b. the promise of one party is given in exchange for the promise of the other party. c. something is to be done by one party only. d. a restriction is placed in the contract by one party to limit the performance by the other. Correct Answer-b. the promise of one party is given in exchange for the promise of the other party. 2. Every real estate contract must have a. a grantor and a grantee. b. acknow...

LEB 320F Exam 1 Questions and Answers Already Passed What is the primary purpose of contract law? To provide a framework for enforcing agreements between parties and resolving disputes that arise from breaches. What does "consideration" mean in the context of contract formation? It refers to something of value exchanged between parties that is required for a contract to be legally binding. How does "capacity" affect the enforceability of a contract? Capacity ensures that ...

A legal defense renders a contract unenforceable, even though it has the necessary elements of a valid contract. T/F correct answers True Ally, a minor, purchases a car from a used-car dealer. The law allows minors the right to cancel a contract until the time the minor turns 18. The contract between Ally and the dealer is a voidable contract. a void contract. a valid contract. an unenforceable contract. correct answers a voidable contract. A handyman goes to the wrong house by...

Real Estate U Texas Promulgated Contract Forms(4) Exam 2024 Questions with 100% Correct Answers | Verified | Latest Update To have no force or effect is referred to as a ........................ contract? Void Valid Enforceable Executed ANS Void 2. That which is capable of being adjusted void, but is not unless action is taken to make it so, is referred to as a/an ...................................... contract? Unenforceable Voidable Executed Expired ANS Voidable

An insurance policy which combines personal liability insurance and hazard insurance coverage for a dwelling and its contents is called: Homeowner's insurance Buyer's insurance Errors and omissions insurance All of the above - Answer-Homeowner's insurance Homeowner's insurance ensures comprehensive protection for homeowners. What is the status of a contract when all terms have been fulfilled and the transaction has been closed? Fully executed Terminated Voidable Unenforceab...

Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud - Precise Answer Performance is conditioned upon a future occurence, because there is an element of chance and potential for unequal exchange of value Ace Your Exams with YANCHYSTUVIA! Are exams, assignments, and projects stressing you out? Say goo...

assignment correct answersThe transfer of rights and duties, but not liabilities, from one contract to another contract or from one person to another person is an: liquidated damages. Earnest money is not consideration; it is the seller's remedy in a liquidated damages contract if the buyer defaults. correct answersWhen the buyer is in default and the seller keeps the earnest money, the contract MOST likely provided for: executory. The phase from offer to a closed and executed/closed cont...

RFBT Contract of Sales Test Bank/268 Questions and Answers 100% Correct RFBT Contract of Sales Test Bank/268 Questions and Answers 100% Correct COVERAGE: Contract of sales Direction: Read and select the best answer for the following questions. 1. It is a contract whereby one of the contracting parties, known as the seller or vendor, obligates himself to transfer the ownership of and to deliver a determinate thing, and the other party, known as the buyer or vendee, obligates himself to pa...